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mp64
December 1, 2022
Question

Bank reconciliation error

  • December 1, 2022
  • 1 reply
  • 0 views
After I switched to QB online version I'm performing the account reconciliation only to see an error. It's a credit card account that I correctly entered beginning and ending balances. There are 62 payments and 7 credits I checked for the period on QB which exactly matches the bank statement. Instead of completing the reconciliation QB shows a huge amount off-balance, therefore I cannot move forward.
Over a decade long experience and working knowledge in reconciliations on desktop QB, I do not see anything wrong in numbers I entered.  What could be the difference in QB online version?

1 reply

Rubielyn_J
Rubielyn_J
December 1, 2022

Let me clarify things for you, and ensure you can reconcile your account in QuickBooks, @mp64.

 

When you switch from QuickBooks Desktop to QuickBooks Online, you may notice differences in how your books appear. 

 

Let's compare your Profit and Loss Standard and Balance Sheet standard reports in QuickBooks Online and QuickBooks Desktop to make sure your data is copied successfully. When you do this, make sure:

 

  • The date is set to All Dates in both products.
  • Your accounting method is set to accrual.
  • To check the balance of each of your Accounts Receivable (A/R) and Undeposited Funds accounts.

 

Once done, check if there are any Journal Entry that was created due to the conversion process from QuickBooks Desktop to Online. 

 

Then we can make a Journal entry to offset the difference. To proceed, here's how: 

 

  1. Click + New and choose Journal entry.
  2. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
  3. On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
  4. Check the amounts.
  5. Enter information in the memo section so you know why you made the journal entry.
  6. Lastly, click Save and close.

 

You can also review this link to find out how your books will move from QuickBooks Desktop to QuickBooks Online: Learn how features and data move from QuickBooks Desktop to QuickBooks Online.

 

May I ask what error message did you received? I appreciate any extra information you can give, and it will help us isolate the issue and provide the best solution.

 

Additionally, I've attached some relevant articles you can utilize to help manage your account in QBO:

 

 

Feel free to leave a comment below if you have further questions about reconciling account in QuickBooks. I'll be happy to help. Stay safe!

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